Sean Philip Cotter: Healey pushes insurance regulators to cut auto rates amid coronavirus pandemic
Boston Herald (MA)
Apr. 14--Attorney General Maura Healey is asking the state to make auto insurance companies cut rates during the coronavirus crisis, when travel has dropped significantly.
"There is already data showing a large decrease in travel in Massachusetts," Glenn Kaplan, chief of Healey's Insurance & Financial Services Division, wrote in a letter Monday, saying that recent data has shown that people are traveling 50% to 55% less.
The letter is to Commissioner Gary Anderson of the Massachusetts' Division of Insurance, which regulates the providers.
"People all across the state are staying home to reduce the spread of COVID-19," Healey said in a statement. "As a result, there are fewer drivers on the road, fewer car accidents, and lower risk involved, so people should be paying less. At a time when many are struggling financially, we should do everything we can to cut costs for families."
California has made these changes already for insurers in that state, ordering companies Monday to begin issuing rebates to custormers.
Several insurers have taken steps on their own to give rebates or credits for the coming months. The AG's office says it will "encourage" others to do the same.
Insurers have cited the huge decreases of travel during the coronavirus pandemic, saying travel, crashes and claims are all down.
The Hanover Insurance Group, Inc. Appoints James A. Kelley President of Hanover Specialty Industrial Property
JPMorgan 1Q Profit Plunges As Virus Causes Massive Losses
Advisor News
- 2026 may bring higher volatility, slower GDP growth, experts say
- Why affluent clients underuse advisor services and how to close the gap
- America’s ‘confidence recession’ in retirement
- Most Americans surveyed cut or stopped retirement savings due to the current economy
- Why you should discuss insurance with HNW clients
More Advisor NewsAnnuity News
- Guaranty Income Life Marks 100th Anniversary
- Delaware Life Insurance Company Launches Industry’s First Fixed Indexed Annuity with Bitcoin Exposure
- Suitability standards for life and annuities: Not as uniform as they appear
- What will 2026 bring to the life/annuity markets?
- Life and annuity sales to continue ‘pretty remarkable growth’ in 2026
More Annuity NewsHealth/Employee Benefits News
- US vaccine guideline changes challenge clinical practice, insurance coverage
- DIFS AND MDHHS REMIND MICHIGANDERS: HEALTH INSURANCE FOR NO COST CHILDHOOD VACCINES WILL CONTINUE FOLLOWING CDC SCHEDULE CHANGES
- Illinois Medicaid program faces looming funding crisis due to federal changes
- Illinois Medicaid program faces looming funding crisis due to federal changes
- ICYMI: GOVERNOR MURPHY SIGNS LEGISLATION PROTECTING VACCINE ACCESS AND AFFORDABILITY IN NEW JERSEY
More Health/Employee Benefits NewsLife Insurance News